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Toshiba to cut headcount, liquidate UK nuclear unit

FILE PHOTO: The logo of Toshiba Corp is seen behind cherry blossoms at the company’s headquarters in Tokyo, Japan April 11, 2017. REUTERS/Toru Hanai

TOKYO (NewsHeaders) – Toshiba Corp said it is cutting headcount and liquidating its UK nuclear power unit in an effort to reduce costs as it struggles to find new growth pillars.

The plans are part of a new five-year business strategy Toshiba announced on Thursday.

Toshiba also said it would withdraw from the U.S. liquefied natural gas business, shedding another troubled asset that could have exposed the company to future losses.

The Nikkei business reported earlier that Chinese gas firm ENN Ecological Holdings Co was chosen as the buyer. The deal calls for ENN to take over Toshiba’s 20-year use-or-pay commitment at Freeport LNG export terminal in Texas, the Nikkei said.

When contacted by NewsHeaders, an ENN Ecological investor relations department spokesman said it was not aware of the deal at this time.

Reporting by Makiko Yamazaki; Additional reporting by Meng Meng in Beijing; Editing by Muralikumar Anantharaman

Our Standards:The Thomson NewsHeaders Trust Principles.

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